LenSpetsSMU and Alfa-Bank sign credit agreement

04.12.2009

On 27th November LenSpetsSMU and Alfa-Bank signed a new credit agreement for 15 million dollars. A revolving credit line was opened for a term of 3 years (up to 31.12.2012).

This event marks the continuation of the long-term cooperation between LenSpetsSMU and Alfa Group and the 5th time the companies have signed a credit agreement together. From 2006 to 2008 LenSpetsSMU obtained four loans from Alfa-Bank and its subsidiary entity (Amsterdam Trade Bank) totaling 46 million dollars. As of today’s date (4 December 2009) all these loans have been paid off in full.

Consequently, as of 04.12.2009 about 38% of the total volume of the credit portfolio of LenSpetsSMU has redemption time of 3 to 5 years.

According to Valery Borzilov, CFO of Etalon-LenSpetsSMU Group, this transaction takes on even more significance due to Alfa-Bank acting as creditor for a construction company.

In addition to this, Alfa-Bank is one of two managing banks arranging the CJSC SSMO LenSpetsSMU bonded loan, which is due to be placed in December 2009.

The credit history of Etalon-LenSpetsSMU Group is available on the company’s financial site.

CONTACT DETAILS

Mikhail Dukhovny, Director of Corporate Communications Department
Telephone: +7 (812) 348-21-25, e-mail: dukhovny_m@lenspecsmu.ru

Victor Vasenev, Deputy CFO
Telephone: +7 (812) 348-09-95, e-mail: vasenev_v@lenspecsmu.ru